Mgm Resorts Stock Price, News & Analysis

PLAYSTUDIOS has upgraded its myVEGAS Slots franchise by launching the new mySTRIP feature, enhancing player engagement with innovative mechanics and multi-day challenges. Released on August 13, 2020, this feature allows players to explore a virtual Las Vegas, interact with iconic MGM Resorts properties, and earn real-world rewards such as hotel stays and show tickets. The game's immersive experience includes daily missions and special events, aiming to attract more players and deepen their connection with MGM's offerings.

MGM Resorts International received a $2 million donation from the estate of founder Kirk Kerkorian to support employees affected by the COVID-19 pandemic. This funding will be allocated to the MGM Resorts Foundation's Employee Emergency Grant Fund, which has provided over $11 million in aid since the pandemic began. The fund aims to assist laid-off or furloughed employees with essential expenses like rent, utilities, and medical bills. The donation reflects Kerkorian's legacy of caring for MGM employees.

NASCAR and BetMGM have announced a multi-year partnership allowing BetMGM to be an Authorized Gaming Operator of NASCAR. This collaboration aims to enhance sports betting experiences, including in-race betting options, for fans across the U.S. BetMGM will utilize NASCAR branding and promote offerings on various platforms, expanding its presence from seven to eleven states by year-end 2020. BetMGM plans to introduce diverse betting types throughout the NASCAR season, including live in-play options starting in 2021. The partnership is set to amplify NASCAR's growth in sports betting, with NASCAR turnover increasing by nearly 1,300%.

MGM Resorts International (NYSE: MGM) announced a substantial investment from IAC/InterActiveCorp, led by Barry Diller. This collaboration is expected to enhance MGM's digital and customer-centric strategies, particularly in iGaming and sports betting through BetMGM. MGM aims to leverage IAC's expertise in online brand growth to improve guest experiences and maximize shareholder value. The partnership aligns with MGM's 2020 plan, emphasizing data-driven innovations and sustainable practices. Additionally, IAC is invited to join MGM's Board of Directors, marking a strategic long-term relationship.

MGM Resorts International has launched the "Viva Las Office" package, providing a unique work-from-Vegas experience at the Bellagio and ARIA resorts. This initiative targets remote workers seeking a change of scenery, offering three tiered packages that include flexible check-in/out times, personal Executive Assistants, and daily food credits. Packages start at $100 per night and include discounts on flights with JSX. The aim is to blend work and leisure in a safe environment.

On August 3, 2020, BetMGM announced a multi-year partnership with the PGA TOUR, becoming an Official Betting Operator. This agreement grants BetMGM the rights to use PGA TOUR branding and access to media advertising, including pre- and post-game betting programming. BetMGM's mobile app is currently available in seven states with plans to expand to eleven by the end of 2020. The partnership aims to enhance BetMGM's offerings while driving sports betting engagement among fans, backed by PGA TOUR's significant presence in the gaming industry.

MGM Resorts International reported a 91% drop in consolidated net revenues to $290 million for Q2 2020 due to COVID-19 restrictions. The operating loss was $1 billion, compared to a profit of $371 million in the prior year. A net loss of $857 million was recorded, with diluted loss per share of $1.67. Despite these challenges, MGM highlighted its strong liquidity of $4.8 billion and ongoing re-openings of Las Vegas properties. The company remains focused on long-term opportunities while navigating a challenging environment.

MGM Resorts International has appointed William (Bill) J. Hornbuckle as Chief Executive Officer and President, effective immediately. Hornbuckle, who has served as Acting CEO since March 2020, succeeds Jim Murren. The Board of Directors unanimously selected him to lead the company through challenging times. Hornbuckle expressed his honor in taking on this role, emphasizing a focus on long-term recovery and employee welfare. His extensive experience in the gaming industry positions him well for the leadership role as MGM looks toward future growth.

On July 9, 2020, the Denver Broncos and BetMGM announced a multi-year partnership, marking BetMGM as the official sports betting partner of the team. This agreement enables BetMGM to enhance fan engagement at Empower Field with exclusive offerings such as premium lounges, travel packages, and a free-to-play game. The collaboration aims to leverage MGM Resorts' loyalty program, M life Rewards, and includes in-stadium promotions and digital marketing. The BetMGM mobile app launched recently in Colorado, offering new users bonuses on their first bets.